For the past few days, the Wall St. Journal has been reporting on a blockbuster federal investigation of insider-trading rings involving hedge funds and independent analysts. Today it reports that the FBI raided the offices of three hedge funds: Diamondback Capital Management LLC and Level Global Investors LP (run by former managers of Steven Cohen's SAC Capital Advisors) and Loch Capital Management LLC, based in Boston. It reports that indictments may be announced by year-end. WSJ, FBI Raids Three Hedge Funds Amid Insider-Trading Case.